In a lot of European countries, a robust social safety net is the great equalizer. You don't get locked up to work in order to afford healthcare, food, etc. - and are thus more free to take chances. Furthermore, strong labor laws have compressed salaries towards the mean, so people are not locking themselves into poverty by working low-wage / low-skill work, but there's a difference enough that people are incentivize…
> You don't get locked up to work in order to afford healthcare, food, etc. - and are thus more free to take chances. If Europeans are more free to take chances, why is there substantially less innovation in Europe? I don't think Europe is "worse" than the US. I think Europe is optimized for the poor whereas the US is optimized for the middle class and above. There are good arguments for both of these situations. In…
I know people who started start-ups and spun out side projects here in Europe (both the UK and the continent).
One thing I noticed was that when it came time to raise money almost of all of them ended up needing American investment. We don't have anywhere near as much VC capital here in Europe and the banks are incredibly conservative.
Plus depending on the country the taxes/fees for being self-employed or starting your own business can be incredibly punitive.
> One interesting thing is that Europeans benefit from American innovation.
While we do benefit from American innovation I'd also argue it's a sort of 'digital colonialism' for want of a better term - we don't grow our own huge firms like Yandex, Baidu etc. and instead just hand our cash over to American ones (Google, Facebook etc.)